Rupee opens flat at 44.55/56 against US dollar

Mumbai, Jan 11 (UNI) The Rupee today opened steady at 44.55/56 against the US dollar on moderate buying support of dollar by foreign banks, dealers said.

The Indian currency bounced off early lows as strong corporate results by stock market giant Infosys Technologies and falling oil prices boosted sentiment.

Later, the Rupee was at 44.58/44.60 per dollar recovering after opening at a three-week low of 44.62 per dollar, and unchanged from yesterday's close.

The Infosys numbers have lifted the mood, but the Rupee may weaken if the stock market continues to come off.

Foreign purchases of stocks were a key driver of the Rupee's recovery from a three-year low of 47.04 last July. But after strong buying in early January, foreign funds have reversed most of their inflows this month, putting pressure on the rupee, brokers added.

UNI